Individual Services

We provide a wide range of personalized Individual Consulting and Tax Services. Everything from Retirement Planning and College Planning to Strategic Tax Consulting.

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Business Services

Our accounting and tax services are designed to meet the needs of small and medium sized business clients.

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Financial Management Services

We provide a full range of cost effective accounting services. Providing timely and accurate financial information is a important aspect of our practice.

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Starting A Business

We provide small business startup consulting to ensure your business gets started on the right foot.

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Financial Resources and Tools

We offer a complete suite of financial resources and tools.

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Buffalo Business Services

Tax Services

We take a proactive approach to tax services. We provide our individual and business clients with timely tax Advice including Strategic tax consulting, throughout the year.

Accounting and Financial Management Services

We provide a full range of cost effective accounting services. Presenting timely and accurate financial information is a important aspect of our practice. We also provide bookkeeping and bookkeeper training services. This includes accounting software assistance and training with Quick Books, MYOB and Peachtree. We provide payroll services including Certified Payrolls for the Construction industry. We prepare business and personal financial statements. We provide Business loan assistance including Budgets and financial projections. We also provide Business start-up consulting including business plan development.

Legal Requirements when Hiring

There are numerous Federal, State and Local rules regarding hiring employees, and most large companies maintain in-house legal counsel and human resource departments to deal with these rules. But, if you are a small company, these are unaffordable luxuries. Therefore, here are some simple common-sense guidelines for hiring employees:
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Having assisted many clients prepare for their children’s college education and having a daughter who’s fast approaching college age, I thought a general discussion on the topic would be informative. I’m not going to review all the different tax credits and tax related issues involved, due to the fact that they are ever changing. However, in my discussion I will hit on areas which have caused taxpayers problems due to misunderstandings or not understanding the law. But, first, the College facts.
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The Pitfalls of Gambling and Taxes

The Internal Revenue Code is unkind to winners — and it doesn’t much like losers, either. Of course, the tax-collector first has to find out that you have won. Congress and the Internal Revenue Service know gambling is an all-cash business and few winners indeed would voluntarily report their good luck. So, statutes and regulations turn the gambling businesses, casinos, state lotteries, race tracks and even bingo halls, into agents for the IRS.
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The 10 reasons you should hire a Professional Tax Preparer

Tax Professional’s are trained in the proper techniques of individual tax return preparation. The Tax Professional understands what documentation is required to obtain your best tax results within the law. Most Tax Professionals will use checklists and organizers to ensure that no tax deduction or potential income is overlooked. The tax professional will review your documents with you and assist you in gathering the tax documents required. He or She will thoroughly review the Read more

3 commentsDecember 10, 2010

Breaking Tax News

Bush-era tax cuts to be extended two years

It appears that President Barack Obama has reached a deal with congressional Republicans that would extend the Bush-era tax cuts for two years and unemployment benefits for 13 months while also lowering the payroll tax by 2 percentage points for a year. His tax cut compromise is under Democratic attack, the plan worked out in secret talks with Republicans over several days.
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With over 25 years of Public Accounting Experience, Timothy C. Fillipponi, CPA will provide your small or medium sized business the knowledge and expertise required to meet all your compliance and business opportunity needs. We will be there for your business from nuts to bolts. Whether your starting a new business and need business plan development assistance, help choosing the business entity or preparing the documents to secure proper federal, state or local licenses required to do business in your area, we can help. We also can help if your company needs assistance dealing with the complex web of income and payroll tax compliance issues burdening business today. We will stand between your company and the tax services to make sure you get the best possible results.
Our reputation of being Western New York’s hand holding accountants is the bedrock of our service. Our main focus is to educate our clients and provide individualized service to help you better grow your business and prosper.

Does the Employer Qualify for the Credit?

For tax years beginning in 2010 through 2013, eligible small employers (including small
tax-exempt employers) that purchase health insurance coverage for their employees may be eligible for a tax credit to help offset the cost of the insurance coverage. This is one of the few provisions in the Patient Protection and Affordable Care Act (Health Care Act) that is effective in 2010.

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Consider this situation. You purchase one or more of the tax software programs to complete your personal form 1040. You file your return and a few months later get a letter from the IRS. It turns out you incorrectly used the tax software and made fundamental errors. The Tax Courts have ruled that ignorance of the law or the proper use of tax preparation software is not a defense against penalties. The following is an example of a real case study from exactly that situation.
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Special strategies for receiving retirement benefits.

As is so often the case today, individuals find themselves needing to work even after reaching retirement age due to their inability to survive on their retirement savings and Social Security. They might even find themselves struggling even though they continue to work. This is often true when the husband works and the wife is a homemaker.
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The evolution of bookkeeping services. Long ago, actually back in the prehistoric era, or so it seems, company records were kept by a bookkeeper. A bookkeeper was a person who actually entered each transaction manually in long hand into paper books called journals.
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